How Artificial Intelligence is Disrupting Financial Services
by Nirmal Patel Degital Marketing ManagerThere have been a plethora of movies,
books and scientific discussions which have assumed the roles of cautionary
tales, in order to warn the world about artificial intelligence. Technically,
it is a subset of the field of machine learning, wherein there are technologies
which help machines, help make the human a lot more simpler and efficient and
thereby also scientifically advanced. There are about 60% of the people, who
belong to the millennial population, who actually believe that AI is out there
to help us and would ensure in the creation of an entirely new world system for
the world civilization.
It may be so, because where 1 in 5
individuals is apprehensive about the entry of AI, there are a major amount of
others, likely 40% of the entire human
demographic, which believes that AI is definitely here to do some good work. So
far, it has proven to be an asset for many companies working in the fields of military,
home technologies as well as in media, advertising and marketing. Artificial
Intelligence is definitely come to show its many benefits including, effective
completion of tasks, increasing the amount of productivity in the work place as
well as doubling the efficiency of predictive analysis in the spheres of
business.
One thing is certain that AI is bound to
improve the way people go on doing their jobs in the professional lives. This
correlated to the fact that many companies today, have begun to adopt AI in the
most rapid of manners and those who shy away from this, are sure to bear some
major amount of losses. Take for instance the field of Financial Services,
which includes everything from investments, portfolios, assets and wealth
management. This field has seen a remarkable application of Artificial
Intelligence in it over the past few years.
Earlier, many of these financial
services firms used to employ expert professionals and depend entirely on their
ability to interact with customers, in order to help get them to invest in the
most lucrative of assets. There has been an increasing amount of development in
this field these days presently because of the fact that there happen to
robo-advisors, who base their deductions on the study of algorithms that help
them out with assisting the customers with various aspects of investment
banking. It is believed that by the year 2020 these robo- advisors will be able
to manage about 10% of the global assets.
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Created on May 2nd 2018 08:31. Viewed 566 times.